By Stephen Ubanna
Tony Elumelu, Chairman, United Bank for Africa, UBA, plc appears to have taken his investment Campaigns message in Africa to France, a member country of the European Union, EU. Elumelu, who is the founder of the Tony Elumelu Foundation, popular, TEF, has given France and other global investors an insight about the investment Opportunities in Africa .
On the invitation of the France Invest Africa Club, the UBA Chairman and founder, TEF, had attended the ‘’Ambition Africa’’ Conference’’ on Wednesday , October 30, 2019. Given the importance attached to the Conference by the EU, particular Emmanuel Macron, led government of France, Bruno Le Maire, the country’s minister of Economy and Finance was said to have been part of the Conference.
The Nigerian investor and Philanthropist who was said to have been introduced to the audience by Maire, the French minister, was said to have to have urged the French investors to ‘’position themselves and direct investment towards Africa in order to the end the cycle of poverty’’. The minister is optimistic that if the French investors could direct their investment towards the African Continent, it would ‘’accelerate global development ’’.
Maire who could not hide his admiration for Elumelu, the Nigerian investor, over the laudable work he is doing in strengthening the Small and Medium Scales , SMEs , industries in the African Continent , noted that it would catalyse development.
The France minister of Economy and Finance, may have gladdened the heart of the UBA Chairman when he said ,’’we share the same ambition in supporting African SMEs and Entrepreneurs as this is essential for the economic development of the Continent’’ .
Indeed,the presence of Elumelu, at the Invest for Growth in African Conference, may have forced the minister, to give his words that the government will ensure that ‘’investments in Africa, described as a backward and poverty driven Continent are ‘’sustainable, exemplary and environmentally friendly’’. He assured that France will want to go fast, go quickly in the race against poverty and renunciation throughout the Continent. He may have spoken the mind of Macron, the French President.
The Nigerian investor may have the Conference as an opportunity to sell Africa to the world as he stressed that France , which is one of the Industralised nations in the world need to do much better and be much smarter in ‘’channeling funds to emerging new markets in the world like Nigeria and other African countries. Take for instance, Nigeria , with a population of over 200 million people, is a huge market for any foreign investor.
Iis not surprising why the UBA Chairman had said that the new emerging markets ‘’present huge opportunities as well as risks for investors’’. He urged investors who are ready to channel their funds towards Africa t to ‘’fulfill a critical need that would catalyse and improve the Continental economy. He was said to have cited some French Companies which had established their presence in Africa and are making appreciable impact such as Bouygues, Acor, Orange and Bollore. There are several others which were said to have accepted the challenge to invest in Africa. These French Companies, according to sources are notable names in the Telecommunication , Computer and Maritime sectors of the world economy. Take for instance Bollore, which is overseeing one of the seaports at Republic of Benin named after the Company. The port alone, the Value News was informed handles over 60 percent of the cargo imports into the French speaking country, particular, foreign par boiled rice bulk cargo.
This may have informed why the TEF founder had stressed the need for private equity inflow into the African Continent ,with a focus on investing in SMEs business, described as the’’ lifeblood of the African economy’’. Given his knowledge of the African economy , he stated that the Continent has the youngest workforce in the world , noting that over 60 percent of the population fall below age 25, described as a ‘’demographic potential doom if the Youths have no job to do.
He however, said that ‘’it could be turned around to become an asset for the Continent if there are jobs and economic opportunities. Elumelu was said to have made mockery of the Industrialised and rich nations regular aid to Africa when he told them in no uncertain terms, ‘’Africa does not need aid rather the young people need investments’’ .
Going by his experience in promoting SMEs in Africa over the last five years, he disclosed that ‘’private equity is a force for the positive development in Africa’’. Note that, TEF, which is a Foundation founded by the UBA Chairman, had endowed $100 million of his hard earned money to take up the responsibility of funding over 10,000 African Entrepreneurs for a 10 year period.
He had given kudos to Macron, the French President, who had visited Nigeria, over his initiative in strengthening the relationship between France and African countries. An elated Elumelu may have left France a happy person that the French President arrangement in inviting to consider investing in Africa on long term.
Recall that Macron, the French President, had told those that cares to listen in Europe that ‘’no one should come to Africa for short term investment again’’, stressing that the time is now to invest in Africa and private equity , as canvassed by Elumelu , the Nigerian investor and Philanthropist has to be part of it.’’ We need it for all’’ he had said.
Elumelu has taken the same message of seeking investment in African economies to Belgium , another European country earlier this year.
